When searching for the right loan that will finance the purchase of your car, carefully considering all your circumstances and options together with acting fast when you need to is important. Having a pre-approval car loan could make things happen fast for you as it will help you lock down that car you have been eyeing for a while before someone else does.
So with that being said, let’s take a look at what pre-approved car loans are.
A pre-approved car loan is where your lender agrees in principle to lend you a certain amount of money to purchase a car subject to credit approval and an invoice from the dealership. It is an indication from a lender that you may be eligible to apply for a car loan of a specified amount having assessed your credit rating, liabilities and assets.
Pre-approved car loans are subject to the vehicle being suitable security to the lender. Entering a car dealership with a car loan pre approval could help with speeding up the car buying process. This is because it allows you to know your maximum available funds so you can narrow your search, negotiate with more confidence and certainty plus also you can bid confidently in the case where you are going to auction. For example, if you have been pre-approved for a $30,000 loan, you may have to go for cars that are within that budget.
Some of the things you need to consider before applying for pre-approval are;
Before settling on a finance option, knowing what the pros and cons are can help you decide whether or not it’s the best option for you.
To get pre-approved for a car loan, we will need to complete a simple application and provide the following;
With that being said, let Braid Finance compare on your behalf and match you to the lender that best meets your needs.
At Braid Finance, our application process is easy. No deposit finance is available.
Apply online for pre-approval and get started shopping for a new car.